Key Takeaways
- Bank of America resumed coverage on Figma (FIG) with a Buy recommendation and $30 price objective, driving shares up approximately 5% before the opening bell
- BofA’s Tal Liani contends that artificial intelligence represents a growth catalyst for Figma rather than a competitive threat, broadening the platform’s user base
- During the first quarter of 2026, three-quarters of enterprise clients bought extra AI credits once they exceeded their baseline usage allocations
- Citigroup (Buy rating, $36 price objective) and Goldman Sachs (Buy rating, $30 price objective) have joined the bullish camp — three prominent financial institutions now back the stock
- Shares had plummeted approximately 85% from their 52-week peak prior to the current week’s upward momentum
Bank of America resumed its coverage of Figma (FIG) this Tuesday, issuing a Buy recommendation alongside a $30 price objective, which sparked a roughly 5% climb in pre-market activity.
The upgrade originated from BofA’s Tal Liani, who positioned generative artificial intelligence as a catalyst for growth rather than a disruptive force. His analysis suggests that AI will democratize the product development workflow, pulling more participants into the design ecosystem and boosting demand for collaborative platforms instead of rendering them redundant.
FIG shares had been trading significantly below previous highs. The stock tumbled approximately 85% from its 52-week zenith, pressured by market anxiety that AI-powered tools might erode Figma’s fundamental competitive position.
Liani challenged this pessimistic narrative head-on. “We take a more constructive view, and believe AI is more likely a tailwind, not a headwind,” he stated in his client communication.
The equity was changing hands near $22.51 during Tuesday’s morning session, bouncing back from its 52-week trough of $16.60.
Revenue Data Supports AI Adoption Thesis
The BofA research report didn’t rely solely on projections — it highlighted tangible evidence supporting the investment case.
During Q1 2026, 75% of enterprise accounts acquired supplementary AI credits after surpassing their original usage thresholds. This metric demonstrates that corporate clients are actively embracing AI functionality rather than avoiding it.
Enterprise traction remains robust. Accounts generating over $100,000 in annual recurring revenue expanded 48% on a year-over-year basis. Net dollar retention registered at 139%, while paid-user expansion reached 54%.
These performance indicators reinforced Liani’s confidence in Figma’s dual-pronged pricing approach combining consumption-based and seat-based models, which he believes positions the company to capture incremental revenue as platform engagement intensifies.
Investment Sentiment Shifts Toward Optimism
BofA isn’t operating in isolation with this perspective. Citigroup launched coverage on July 1 with a Buy stance and a $36 valuation target. Goldman Sachs maintains a Buy position with a $30 objective.
This alignment means Figma currently enjoys endorsements from three heavyweight Wall Street institutions on the optimistic side of the AI discussion — representing a meaningful pivot from the skepticism that previously pressured the stock downward.
Three Form 4 insider disclosure documents were filed on July 6, signaling ownership transactions among company executives.
Broader market conditions weren’t particularly supportive for FIG on Tuesday, with Nasdaq 100 Futures declining 0.9% heading into the trading session. The stock’s upward movement occurred despite this challenging backdrop.
Figma’s rebound had already commenced before Tuesday’s BofA announcement. The company’s addition to prominent Russell index families during June’s annual rebalancing triggered systematic purchasing from index-tracking funds, helping elevate shares from their bottom.
With FIG continuing to trade beneath the consensus analyst valuation range and enterprise performance metrics trending positively, Tuesday’s pre-market strength signals mounting institutional conviction in the turnaround narrative.
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